Following news earlier this week that the company faces delisting from the Nasdaq stock exchange, digital video hardware and software maker
Media 100 Inc.
on Thursday reported its financial results for its fiscal third quarter for 2003, ending August 31. The company reported lower sales for the quarter, but also narrowed losses, compared to the same quarter a year ago.
Net sales for Media 100’s third quarter were US$3.4 million, compared with $5.4 million for Q3/2002. Net losses were $2.1 million moderately lower than the $2.3 million the company reported for the same quarter last year. Gross profit as a percent of sales remained largely unchanged at 49.4 percent, compared to 49.1 percent for last year.
Media 100 reports “a record number” of deliveries of its custom-designed 844/X digital video editing workstations to end users for the quarter — a growth of 33 percent of its installed base from the same period a year ago. Media 100 attributes this strong growth to its strategy of selling direct to end users rather than relying on resellers. Media 100 President and CEO John Molinari said that this trend will continue through the fourth quarter, as his company has now ramped up its direct sales organization.
Highlights for Media 100 for the quarter included the release of Media 100 i v8.2 for Mac OS X, growth of its 844/X user base, and the delivery of new iFinish software for Windows.
On Monday Media 100 reported that it had received notice from The Nasdaq Stock Market Inc. that the company faced delisting from the Nasdaq SmallCap Market due to its failure to comply with Marketplace Rule 4310(c)(2)(B). The rule requires companies listed on the SmallCap exchange to maintain a minimum equity requirement of $2.5 million. Media 100 indicated that it had filed a request for a hearing before the Nasdaq Listing Qualifications Panel to appeal the staff determination.